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Book Keeping and Accountancy 2012-2013 HSC Commerce (Marketing and Salesmanship) 12th Board Exam Question Paper Solution

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Book Keeping and Accountancy
Marks: 100Academic Year: 2012-2013
Date: March 2013

[19]1
[5]1.A
[1]1.A.1

what is trial balance ?

Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [0.01] Introduction to Partnership
[1]1.A.2

What is Capital Fund?

Concept: Income and Expenditure Account
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns
[1]1.A.3

Why depreciation is charged ?

Concept: Effects of Adjustments-Depreciation
Chapter: [0.02] Partnership Final Accounts [0.05] Accounts of “Not for Profit” concerns
[1]1.A.4

When is a bill said to be honoured ?

Concept: Adjustments - Bills Payable Dishonoured
Chapter: [0.02] Partnership Final Accounts
[1]1.A.5

5. If the profit sharing ratio is not decided by the co-venturers, in which ratio will they share profits and losses?

Concept: Retirement Or Death of a Partner - Adjustment of Accumulated Profits and Losses
Chapter: [0.03] Reconstitution of Partnership
[5]1.B | Write the word/term/phrase which can substitute each of the following statements:
[1]1.B.1
The debit balance of a trading account.
Concept: Adjustments - Unrecorded Purchases and Sales
Chapter: [0.02] Partnership Final Accounts
[1]1.B.2

The expenditure which is recurring in nature ?

Concept: Adjustments - Capital Expenditure Included in Revenue Expenses and Vice-versa
Chapter: [0.02] Partnership Final Accounts
[1]1.B.3
Money value of the business reputation ?
Concept: Admission of a Partner - Treatment of Goodwill
Chapter: [0.03] Reconstitution of Partnership
[1]1.B.4

A bill drawn in India and made payable in America ?

Concept: Acceptance of Bill
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
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[1]1.B.5
The account in which banking transactions of joint venture are recorded ?
Concept: Share and Share Capital
Chapter: [0.08] Company Accounts [0.08] Company Accounts - Issue of Shares
[5]1.C

Match the following pairs:

Group ‘A’ Group ‘B’
(a) Partnership Deed (1) Central Processing Unit
(b) Excess of assets over liabilities (2) Purchase price plus installation charges
(c) CPU (3) Written agreement
(d) Co-venturer (4) Purchase price less Scrap Value
(e) Cost of fixed assets (5) Capital
    (6) Partner in joint venture
    (7) Oral agreement
    (8) Liabilities
Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [0.01] Introduction to Partnership
[5]1.D | Select the most appropriate alternative from those given below:
[1]1.D.1

Expenditure on purchase of a building is a _____.

(a) Revenue

(b) Capital

(c) Recurring

(d) General

Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
Chapter: [0.05] Accounts of “Not for Profit” concerns
[1]1.D.2

A person on whom a bill of exchange is drawn, is called as ______.

(a) Drawer

(b) Drawee

(c) Payee

(d) Endorsee

Concept: Draft Or Format of Bills
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[1]1.D.3

Goods brought into the joint venture by a co-venturer from his own stock is debited to _____.

Joint Venture Account

 Joint Bank Account
 

Company

 

All of the above

Concept: Accounts of “Not for Profit” Concerns
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns [0.05] Accounts of “Not for Profit” concerns
[1]1.D.4

Single Entry System is more popular for ____.

Sole trader

Government

Company

All of the above

Concept: Single Entry System Examples and Solutions
Chapter: [0.06] Single Entry System
[1]1.D.5

A sum of money, goods or any asset, given to someone voluntarily, without any compensation is called ____.

Subscription

Donation

Legacy

Capital Fund

Concept: Accounts of “Not for Profit” Concerns
Chapter: [0.02] Accounts of ‘Not for Profit’ Concerns [0.05] Accounts of “Not for Profit” concerns
[5]1.E | State whether the following statements are True or False:
[3]1.E.1
Goodwill is a fictitious asset.
Concept: Admission of a Partner - Treatment of Goodwill
Chapter: [0.03] Reconstitution of Partnership
[2]1.E.2

State whether the following statement is True or False.

A bill of exchange can be endorsed only once.

True

False

Concept: Accounting Treatment - Endorsement of the Bill, Honour/ Dishonour and Also Insolvency of Acceptor
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[5]1.F

From the following details prepare a format of Bill of Exchange:

1. Drawer _ Rajesh Patil 205, High Towers, M.G. Road, Pune
2. Drawee _ Rajnath Gandhi, 210, Business House, Main Road, Surat.
3. Payee _ Vasundhra Joshi 403, Commerce House, Nashik.
4. Period of bill _ 60 days
5. Amount of bill _ Rs 9,500
6. Date of bill _ 5th January, 2011
7. Date of Accepted _ 10nd January, 2011
Concept: Draft Or Format of Bills
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
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[5]2 | attempt any one of the following
[10]2.A

M/s. Ram Brothers, Pune purchased machinery worth Rs 1,25,000 on 1st April, 2006. On 1st October, 2006 they purchased additional machinery worth Rs 50,000.

On 1st October, 2008, the machinery purchased on 1st April, 2006 was sold by them at 20% below its written down value and on the same date, new machinery worth Rs 75,000 was purchased.

Depreciation was charged on 31st March every year @ 20% p.a. under diminishing balance method.

Prepare Machinery Account and Depreciation Account for the years 2006-07, 2007-08 and 2008-09.

Concept: Effects of Adjustments-Depreciation
Chapter: [0.02] Partnership Final Accounts [0.05] Accounts of “Not for Profit” concerns
[10]2.B
[5]2.B.1

Mahesh and Umesh are partners in a partnership firm carrying on business for the last 10 years.

You are required to find out the value of goodwill which is to be valued at `(2)1/2` years purchase of last 6 years’ average profit.

The profit and losses for the six years are:

Year Amount
(Rs)
2003 – 2004 1,50,000 (Profit)
2004 – 2005 1,00,000 (Loss)  
2005 – 2006 4,50,000 (Profit)
2006 – 2007 5,00,000 (Profit)
2007 – 2008 50,000 (Loss)
2008 – 2009 5,50,000 (Profit)
Concept: Admission of a Partner - Treatment of Goodwill
Chapter: [0.03] Reconstitution of Partnership
[5]2.B.2

Write a short note on E-Commerce ?

Concept: Partnership Final Accounts
Chapter: [0.01] Introduction to Partnership and Partnership Final Accounts [0.02] Partnership Final Accounts
[12]3 | Attempt any one of the following
[12]3.A

For the amount receivable Ms. Jaya draws a bill on Ms. Maya, on 1st January, 2010 for Rs 54,000, for a period of 4 months.

Maya accepts the bill and returns it to Jaya, who gets the bill discounted with bank @ 8% p.a. Before due date, Maya approaches Jaya and requests to accept Rs 36,000 in cash and draw a second bill for the balance.

Jaya draws a new bill for the balance plus interest @ 12% p. a. for two months on 4th May, 2010 as per the request and received the accepted bill from Maya.

Jaya sends the bill to the bank for collection. Maya honours her acceptance on the due date.

Pass Journal entries in the books of Ms. Jaya and show Ms. Jaya's account in the books of Ms. Maya.

Concept: Accounting Treatment - Retaining the Bill Till Due Date. Honour Or Dishonour, Insolvency of the Drawee Or Acceptor
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[12]3.B

Journalise the following transactions in the books of Jwala:

(a) Abdul informed Jwala that John's acceptance endorsed to Abdul for Rs 16,000 has been dishonoured and noting charges amounted to Rs 200.

(b) Sony renews her acceptance to Jwala for Rs 24,000 by paying half the amount of the bill in cash together with interest @10% p.a. on balance due and accepting a fresh bill for 3 months.

(c) Trupti who had given an acceptance to Jwala for Rs 36,000 was declared insolvent and could pay only 40% of the amount due.

(d) Raja's acceptance to Jwala for Rs 6,000 was endorsed to Rani in full settlement of her account for Rs 6,300.

Concept: Accounting Treatment - Discounting the Bill with the Bank Honour/Dishonour and Insolvency
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[12]4

Devendra of Ahmednagar and Mahendra of Pune entered into joint venture to consign goods to Virendra of Jalgaon to be sold on their joint risk, which is proportion of 4/5 and 1/5 respectively.

Devendra sent goods worth Rs 10,00,000 paying carriage and freight Rs 12,000 and other expenses Rs 4,500.

Mahendra sent goods worth Rs 6,00,000 paying carriage and freight Rs 9,500 and other expenses Rs 3,400.

Devendra drew a bill of exchange on Mahendra for Rs 90,000 as an advance which was discounted for Rs 84,000 by Devendra.

The amount of discount, Rs 6,000 was to be treated as joint venture expense.

Virendra sold all the goods for Rs 19,00,000. He deducted his sales commission @ 5% on total sales and expenses Rs 12,000 from the sales proceeds.

Virendra remitted Rs 11,00,000 to Devendra and the balance to Mahendra both by bank draft.

The co-venturers settled their accounts.

You are required to prepare Joint Venture A/c, Mahendra's A/c and Virendra's A/c in the books of Devendra.

Concept: Accounting Treatment of Bill - Journal Entries and Ledger
Chapter: [0.07] Bill of Exchange (Only Trade Bill)
[10]5

Mr. Yogesh keeps his books on Single Entry system. From the following particulars, prepare Opening and Closing Statement of Affairs and Statement of Profit and Loss.   

Particulars

Amount
(Rs)
on 1.4.2009

Amount
(Rs)
on 31.3.2010

Bank balance

Cash balance

Sundry debtors

Stock

Furniture

Machinery

Sundry creditors

Bills payable

36,000

7,500

90,000

60,000

9,000

60,000

36,000

16,500

27,000

9,000

1,20,000

90,000

9,000

90,000

60,000

27,000

Additional information:

(1) Mr. Yogesh has withdrawn Rs 22,500 from the business for his personal use.

(2) He has introduced additional capital of Rs 7,500 in the business on 1st January, 2010.

(3) Additions to machinery were made on 1st January, 2010.

(4) Depreciate furniture and machinery @ 10% p.a.

(5) Maintain reserve for doubtful debts @ 2% on sundry debtors.

(6) Closing stock is overvalued by 20% in the books.

Concept: Illustrations of Single Entry System
Chapter: [0.06] Single Entry System
[16]6

Following is the Balance Sheet as on 1.4.2009 and the Receipts and Payments Account for the year ending 31.3.2010 of Bright Students Junior College, Pune.

Balance Sheet as on  1.4.2009

Liabilities

Amount Rs

Assets

Amount Rs

Capital fund (Balancing figure)

13,18,000

Building

Furniture

Books

Bank deposits

Tuition fees receivable

Cash in hand

Cash at bank

10,00,000

1,20,000

60,000

1,00,000

10,000

19,000

9,000

13,18,000

13,18,000

 Receipts and Payment Account 

For the year ended 31.03.2010

Receipts

Amount
Rs

Payments

Amount
Rs

To Balance b/d

 

By Salaries to teachers

1,80,000

Cash in hand

9,000

By Salaries to office staff

30,000

Cash at bank

19,000

By Books purchased on 1.1.2010

20,000

To Tuition fees

 

By Printing and stationary

41,000

 2008-2009 :

10,000

 

By Office rent

10,000

2009-2010 :

1,70,000

1,80,000

By Repair to Jr. College building

24,000

To Fine collected

5,200

By Sports expenses

8,600

To Admission fees

20,000

By Annual gathering expenses

14,000

To Donations

1,00,000

By Furniture (Purchased on 1.1.2010)

80,000

To Interest on bank deposits

5,000

By Balance c/d

 

To Government grant (Revenue)

2,00,000

Cash in hand

2,600

 

 

Cash at bank

1,28,000

 

5,38,200

 

5,38,200

Additional information:

(1) For the current year (2009–2010) tuition fees receivable (outstanding) Rs 24,000.

(2) Donations are to be capitalized.

(3) Salary to teachers is outstanding Rs 12,000.

(4) Depreciate books @ 20% p. a. and furniture @ 10% p. a.

You are required to prepare:

(a) Income and Expenditure Account for the year ending 31.3.2010.

(b) Balance Sheet as on 31.3.2010

 

Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
Chapter: [0.05] Accounts of “Not for Profit” concerns
[20]7

Abhijeet and Sujeet are partners sharing profits and losses in the ratio of `3/5` and `2/5`respectively. From the following trial balance and adjustments, prepare Trading, Profit and Loss Account for the year ended 31st March, 2010 and the Balance Sheet as on that date. 

Trial balance as on 31st march 2010

Debit Balance

Amount (Rs)

Credit Balance

Amount (Rs)

Drawing accounts :

    Abhijeet

    Sujeet

Land and building

Plant (Addition on 1.1.2010, Rs 20,000)

Opening stock

Wages

Cash at bank

Sundry debtors

Purchases

Carriage

Rent, rates and insurance

Furniture

Salaries

Bad debts

Office expenses

 

6,000

4,000

1,70,000

90,000

 

44,000

13,500

6,500

69,200

1,22,500

2,100

4,500

50,000

7,600

3,200

5,400

Capital accounts :

    Abhijeet

    Sujeet

Sales

Sundry creditors

Bank overdraft

Reserve for doubtful debts

Outstanding expenses

Sundry income

Pre-received rent

10% Bank loan

(Taken on 1st Oct., 2009)

 

1,32,000

88,000

1,69,000

81,900

80,000

2,000

4,600

4,000

5,000

32,000

 

5,98,500

5,98,500

Adjustments −
(1) Closing stock was valued at cost Rs 34,000 and at market price Rs 40,000.

(2) Depreciate plant @ 10% p. a.

(3) Insurance was prepaid Rs 600.

(4) Office expenses include personal expenses of Sujeet Rs 800.

(5) Maintain R.D.D. at 5% on sundry debtors.

Concept: Admission of a Partner
Chapter: [0.03] Reconstitution of Partnership [0.03] Reconstitution of Partnership (Admission of Partner)
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Maharashtra State Board previous year question papers 12th Board Exam Book Keeping and Accountancy with solutions 2012 - 2013

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